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The Concept of Liquidity

Abstract

The main goal of the initial chapter of this work is to formulate the concept of liquidity and, thus, to prepare the foundation for the entire following analysis. Unambiguous definitions of the key terms are not only necessary for delimiting the discussed problems from other related issues in finance but also essential for ensuring the consistency of the measurement and management approaches proposed later. The review of the literature reveals a substantial disagreement among researchers concerning the nature of liquidity, its sources, and its consequences for investors. The use of liquidity related terms is chaotic and definitions are partially self-contradictory. This Chapter is an attempt to provide a structured concept, though a number of issues are still left open. In the first place, however, it should be viewed as the basis for the analysis in the following parts of the book.

Keywords

Real Estate Transaction Cost Trading Partner Private Equity Individual Investor 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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